GDP figures from the Bureau of Statistics show Australia’s economy shrank 0.3% in the March quarter, amid bushfires and the early stages of the coronavirus pandemic. Also across Asia Pacific, Japan’s economy shrank by 0.9%, Korea by 1.3% and China by 9.8%.
Economists widely define a recession as two consecutive quarters of GDP contraction, which are now certain to occur across the region and as we enter a new financial year in July, the Asian Development Bank predicts that Asia stands to lose 68 million jobs if coronavirus is not contained in six months.
How can organizations prepare for the workforce planning for Competitive Advantage in the new financial year, post COVID-19?
Unbounded talent in the wake of COVID-19
New remote work norms are the most obvious shift. Gartner research shows that 48% of employees will work remotely after the pandemic, up from 30% pre-pandemic. But that isn’t the only or even the most radical, shift in this time of transformation.
More broadly, as organizations recover from the effects of the pandemic, many will reimagine key aspects of their business models. The imperative for HR leaders is to identify where and what the impact will be for their organization’s talent and skill needs.
“Organizations that can sense and seize on these new talent realities are going to secure a competitive advantage,” says Scott Engler, VP, Advisory, Gartner.
Talent is newly unconstrained
The location of talent is no longer geographically limited.
New remote work norms mean talent is potentially available anywhere. As a result:
- The competition for talent changes radically.
- The options for acquiring lower-cost talent are expanding.
- It’s easier to recruit diverse talent.
Remote work enables flexibility, productivity and cost savings
It drives greater digitalization and compartmentalized workflows and creates new opportunities to use distributed workforce models. Among fully remote employees, 48% display high discretionary effort versus 35% who are never remote, and 41% make a high enterprise contribution (vs. 24%).
You can more easily fill in skill gaps with gig and other contingent workers
Such workers are accustomed to working on multiple projects, teams and workflows. When asked which factors most contribute to a future-ready workforce, organizations most often ranked gig workers as the best way to add critical competencies.
Bastian Consulting is a boutique search practise that concentrates on sourcing leaders that deliver change across the Asia Pacific, we have the expertise to source leaders that can transform your business and thrive in times of rapid change.
To know more, you can reach out to me on +61 (0) 409 090 434 or firstname.lastname@example.org.